XML 35 R25.htm IDEA: XBRL DOCUMENT v3.22.2.2
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Agreements
The following table summarizes the interest rate swaps in place as of September 30, 2022 and December 31, 2021:
Interest Rate Swap detailNotional Amount outstanding (in thousands)
Trade dateFixed rateStart dateEnd dateSeptember 30, 2022December 31, 2021
October 07, 20210.83 %October 12, 2021December 15, 2025$187,650 $215,663 
October 13, 20210.94 %October 15, 2021December 15, 202520,850 23,963 
October 14, 20210.93 %October 18, 2021December 15, 202520,850 23,963 
October 22, 20211.06 %October 26, 2021December 15, 202520,850 23,963 
$250,200 $287,552 
The effect of the interest rate swaps on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 is below:
Derivatives designated as hedging instrumentsLocation of (gain)/loss in Statements of OperationsEffective portion of (gain)/loss reclassified from Accumulated other comprehensive income (in thousands)
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest rate swapsInterest expense$(619)$151 $(304)$447 
The following table shows our open positions on FFAs as of September 30, 2022:

FFA PeriodNumber of Days HedgedAverage FFA Contract Price
Quarter ending December 31, 2022 - Sell Positions2,010$21,981 
Quarter ending December 31, 2022 - Buy Positions(1,335)$16,461 
Year ending December 31, 2023 - Sell Positions720$14,525 
Year ending December 31, 2023 - Buy Positions(855)$14,308 
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations
The following table shows the interest rate swap assets and liabilities as of September 30, 2022 and December 31, 2021:
Derivatives designated as hedging instruments (in thousands)Balance Sheet locationSeptember 30, 2022December 31, 2021
Interest rate swapFair value of derivative assets - current $7,583 $— 
Interest rate swapFair value of derivative assets - noncurrent$9,873 $3,112 
Interest rate swap Fair value of derivative liabilities - current$— $885 
The effect of non-designated derivative instruments on the Condensed Consolidated Statements of Operations and Balance Sheets is as follows:

(In thousands)Three Months EndedNine Months Ended
Derivatives not designated as hedging instrumentsLocation of loss/(gain) in Statements of OperationsSeptember 30, 2022September 30, 2021September 30, 2022September 30, 2021
FFAs - realized (gain)/lossRealized and unrealized (gain)/loss on derivative instruments, net$(3,800)$16,139 $(1)$23,493 
FFAs - unrealized (gain)/lossRealized and unrealized (gain)/loss on derivative instruments, net(10,478)(6,787)(9,359)24,382 
Bunker swaps - realized gainRealized and unrealized (gain)/loss on derivative instruments, net(369)(801)(4,763)(2,099)
Bunker swaps - unrealized loss/(gain)Realized and unrealized (gain)/loss on derivative instruments, net3,354 440 842 (188)
Total$(11,293)$8,991 $(13,281)$45,588 


Derivatives not designated as hedging instruments (in thousands)Balance Sheet locationSeptember 30, 2022December 31, 2021
FFAs - Unrealized lossFair value of derivative liabilities - current$— $3,368 
FFAs - Unrealized gainFair value of derivative assets - current10,770 4,326 
Bunker swaps - Unrealized lossFair value of derivative liabilities - current611 — 
Bunker swaps - Unrealized gainFair value of derivative assets - current— 343